Summary:
- NCB actively monitors darknet crypto transactions as part of drug trafficking strategy.
- 92 cases involving darknet and cryptocurrencies booked between 2020-2024.
- Recent busts in collaboration with international agencies highlight the need for stricter regulations.
India’s Narcotics Control Bureau (NCB) has ramped up its efforts to monitor cryptocurrency transactions on the darknet as part of a comprehensive strategy to combat drug trafficking. The NCB has booked 92 cases involving darknet and cryptocurrencies, and 1,025 cases involving parcels and couriers have been reported by all Drug Law Enforcement Agencies between 2020 and April 2024.
In a recent high-profile case, the Enforcement Directorate (ED) of India, in collaboration with the US Federal Bureau of Investigation (FBI), uncovered a massive Rs 3,000 crore scam involving digital currencies in Uttarakhand. This extensive operation resulted in the arrest of two individuals suspected of running an international drug trafficking network.
Additionally, a joint effort between India and the U.S. targeted a $360 million crypto-funded drug ring, underscoring the urgent need for stricter regulations in the cryptocurrency space. These collaborative efforts highlight the growing challenges and complexities in combating drug trafficking in the digital age. The NCB’s intensified focus on monitoring cryptocurrency transactions aims to address these challenges effectively and ensure better regulatory oversight.
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